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External committee finds no evidence of corruption at BTG Pactual

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External committee finds no evidence of corruption at BTG Pactual

BTG PactualGroup said April 7 that a four-month investigation conducted by anexternal committee found noevidence linking the bank to various tied to the of former Chairman andCEO André Esteves.

"The special committee and its counsel, in a summary ofits investigative conclusions issued today and attached hereto, found no basisto conclude that the allegations of misconduct and corruption against Esteves,BTG Pactual or its personnel that were the subject of the investigation arecredible, accurate or otherwise supported by reliable evidence," thecompany said in a news release.

According to the bank, the committee conducted "anexhaustive review" of electronic and hard-copy documents from over 50 BTGPactual employees by the Brazilian arm of KPMG, a review of approximately430,000 documents by lawyers, and interviews with almost 30 BTG Pactual seniorexecutives and employees.

"Based on its investigation, [the] counsel found nobasis to conclude that Esteves, BTG Pactual or any of its personnel engaged inany corruption or illegality," the company said.

BTG hired law firm Quinn Emanuel Urquhart & Sullivan LLPin December 2015 to manage an inquiry into the allegations that led to Esteves'arrest in November 2015 as part of an ongoing investigation into the corruptionscandal involving state-run oil company Petrobras.